Indian stocks continued to be in a downward spiral with across-the-board selling on Monday as fears of global recession deepened with the spread of the coronavirus epidemic. At 12:42 pm, the benchmark BSE Sensex was trading down 1,787.56 points, or 5.24%, to 32,315.92, while the Nifty 50 slid 507 points, or 5.1%, to 9,448.30. Yes Bank, SBI Cards, Bharti Airtel, HUL and Indiabulls Housing Finance were among the key stocks in news today. Read on to know more:
Yes Bank: Yes Bank Ltd shares zoomed as much as 58% even as the lender reported a loss of Rs 18,564 crore in December quarter after gross NPAs shot up to 18.87% versus 2.1% a year ago.
SBI Cards: SBI Cards and Payment Services Ltd shares made a weak debut on stock exchanges, listing at a 12.8% discount to the issue price of Rs 755
Bharti Airtel, Vodafone Idea: Bharti Airtel Ltd shares slipped 2.8% while those of Vodafone Idea jumped over 5% after a media report said that the government is considering setting up an empowered group of ministers to oversee steps to tackle adjusted gross revenue crisis in the telecom sector.
HUL: Hindustan Unilever Ltd (HUL) shares fell 1.7% after the board of directors of the FMCG major said it would meet on 1 April to announce the merger with GlaxoSmithKline Consumer Healthcare.
Indiabulls Housing Finance: Indiabulls Housing Finance Ltd shares dived over 8% after the company said outstanding terms loans from Yes Bank are zero.
L&T: Larsen and Toubro Ltd (L&T) shares lost 5.5% ahead of the board meeting on 18 March to consider and approve first interim dividend on equity shares, if any, for 2019-20.
Max Financial: Max Financial Services Ltd shares dropped 6% after the company’s board approved share swap proposal involving shares of the firm’s sole material subsidiary company, viz., Max Life Insurance Company Limited.
Escorts: Escorts Ltd shares were down 4.7% after India Ratings and Research revised outlook for the firm to ‘stable’ from ‘positive’, while affirming long-term issuer rating at 'IND AA-'
PVR: PVR Ltd shares declined over 5% even as the company opened 4 new screens at PVR Treasure Island Mall in Indore.